Soccer Stadium Deal Reached
(Las Vegas, NV) — Another step is taken to create a soccer stadium in downtown Las Vegas.
The City of Las Vegas, the Cordish Companies, and Findlay Sports announced a deal has been reached.
The proposed stadium would be located in Symphony Park near the Smith Center, accommodate up to 24,000 fans, and carry a price tag of over $300 million dollars.
According to a release, 59 percent of the cost would be privately financed. The proposed deal does not rely on new tax revenues from local residents or businesses. Private involvement is significantly higher than most MLS stadium and team deals. Revenues used by the city to fund its portion of the city-owned stadium are primarily derived from projected taxes collected from tourists and from public infrastructure funds.
An independent analysis shows the stadium is estimated to generate over $9 million in annual tax revenue for the state, county, city of Las Vegas and other local entities and is projected to generate over 1,200 jobs, including 525 construction jobs and 700 permanent jobs.
The new stadium will not move forward unless Findlay-Cordish is awarded an MLS team
City Council will consider the deal in its next meeting September 3rd.